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Discontinued Operations
3 Months Ended
Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued Operations

17. DISCONTINUED OPERATIONS

In a continuing effort to streamline our business and align our business strategy for further integration of services and products, the Company committed to divest the business of our full range of permanent downhole monitoring systems and related services, which had been part of our Production Enhancement segment.

On June 7, 2019, we entered into a definitive purchase agreement for approximately $16.6 million in cash. A pre-tax gain of $8.3 million was recognized in connection with this transaction, subject to adjustments for working capital purposes and is classified as Income from discontinued operations in the Consolidated Statements of Operations. The purchase agreement also provides for additional proceeds of up to $2.5 million based on the results of operations of the sold business in 2019 and 2020, none of which has been recognized. We completed the divestment of this business in 2019 and we concluded final adjustments to the purchase agreement in 2020. We determined there were no additional proceeds based on the results of operations of the sold business.

The associated results of operations are separately reported as Discontinued Operations for all periods presented on the Consolidated Statements of Operations.

There are no activities recorded for the three months ended March 31, 2021 and 2020. There are no balances recorded for the discontinued operations as of March 31, 2021 and 2020.

There are no net cash provided by operating activities of discontinued operations for the three months ended March 31, 2021 and 2020.